Great discussion on here. We all eagerly watch with interest as...

Great discussion on here. We all eagerly watch with interest as the story unfolds. Got in on SFR early and rode it well so looking for the next cab to join the rank.

To the poster above that wanted info on surrounding licences etc. Go to the following link, click on 'mineral information', then 'current tenements live and pending' and download whichever format you want. If you don't have mapinfo etc, just download the Google Earth KMZ files. If you haven't used KMZ files, download the .exe program also.

http://mapserver.doir.wa.gov.au/datacentre/datacentreDb.asp

For those unfamiliar with it all - note there are quite a lot of overlapping tenements/ELA's etc. The important point to note is that 'first in time' has priority. So look for the earliest application to find out who has priority to an area. Note also the holder of the EL is usually some third party or subsidiary so you need a bit of sleuth work to figure out which public company owns what.

For what its worth: TLM/RNI/THX probably have the best ground. Others such as CYS, ENT, RHM etc look okay but from an investment perspective I wouldn't bother until they actually hit something. If its a significant discovery there is always time to buy afterwards and still get a multibagger. THX have a nice little ML however the JV terms are not the best (earning 60% by basically spending everything until and including development) so upside for shareholders is limited, but still worth looking at once they start drilling.

RNI have a nice EL in between SFR and TLM brought in by Miles Kennedy and John Hutton after Miles got kicked out of Sandfire board last year for punching the Chairman. Interestingly the company they acquired the EL off has a history of dealing with Hutton companies and remember it was John's father, the late Graeme, who put together Sandfire and brought all the projects together. Whilst I hold RNI, I wouldn't recommend buying now as they did a 6c per share rights offer (which is why I bought them!), which are due to come on market in the next few days - great for those that got it as it has significantly brought down the average cost of purchase to the extent where there will probably be a fair bit of profit-taking. Wait for it to de-risk.

Good time to buy TLM though. Expectations were brought back to earth after initial results so its much less risky at the current price and is still the best punt for a new discovery (outside of SFR).Exploration and news flow is ongoing. Although the best time to buy in is after that first indication of economic grades/widths, but it never hurts to have some exposure early.

SFR still worth a look, but takeover plays can drag out for years. That said, OZL only have <20%, SFR's Board would be best served now maximising the price of any takeover by possibly accelerating exploration on their ground so that further potential discoveries increase the value of any takeover and benefit current shareholders and not OZL.